In 1901, John W. Nordstrom and Carl F. Wallin opened a shoestore in Seattle. That humble start grew into Nordstrom, a top fashion retailer. Each generation of the Nordstrom family grew the business, adding clothing lines and new store locations. The company became publicly traded in 1971, expanding its market reach.
Recent Financial Developments
In December 2024, their family announced they would take Nordstrom private again. For this $4 billion agreement, Nordstrom collaborated with the Mexican department store El Puerto de Liverpool. The agreement intends to reinvigorate the brand as the retail landscape faces industrial headwinds.
Individual Family Members’ Wealth
Bruce Nordstrom, the grandson of the founder, was the company president from 1963 to 2006 and chairman until 2006. During his tenure, revenues increased from $40 million to $8 billion. He died in 2024, and Forbes pegged his net worth at $1 billion.
Bruce’s sister, Anne Gittinger, has a large stake in Nordstrom. According to Forbes, she had an estimated net worth of $1.1 billion in 2021. She’s also recognized for her philanthropic work, notably with the University of Washington.
Several outlets reported that Erik, Nordstrom’s CEO and the son of Bruce Nordstrom, is worth at least $60 million.
Family’s Collective Wealth
The Nordstrom family was on Forbes’s 2015 list of America’s richest families, with a collective net worth of $3.8 billion. Given the rapid growth of the company and recent developments, their net worth has likely increased since then.
Strategic Business Moves
Nordstrom’s move to go private is a commitment by the family to pitch themselves into the changing face of retail. The deal is said to be valued at more than $6 billion and is anticipated to close in early 2025. As per Yahoo! Finance, it will leave Nordstrom’s heirs, including CEO Erik Nordstrom and CBO Pete Nordstrom, with a majority ownership stake in the company.
El Puerto de Liverpool is a real estate and commercial company in Mexico. It owns 10 percent of Nordstrom, while the Nordstrom family has a 33 percent stake.
In addition, they want to boost the company’s market position through their relationship with El Puerto de Liverpool. Commenting on the Nordstrom company and El Puerto’s agreement, Erik called it “an exciting new chapter for the business.” The decision cements the family’s long-term commitment to the brand.
